Schedule 11, Part 7, paragraph 145(4)

Recognition of the action (or a part of it) may be refused only if the Bank and the Treasury are satisfied that one or more of the following conditions are satisfied— recognition would have an adverse effect on financial stability in the United Kingdom; under the third-country resolution action creditors (including in particular clearing members) located or payable in the United Kingdom would not, by reason of being located or payable in the United Kingdom, receive the same treatment as creditors who are located or payable in the country concerned and have similar legal rights; recognition of, and taking action in support of, the third-country resolution action (or the part) would have material fiscal implications for the United Kingdom; recognition would be unlawful under section 6 of the Human Rights Act 1998 (public authority not to act contrary to Human Rights Convention).

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Source: legislation.gov.uk · retrieved 2026-09-04